No dividends for Genting Singapore shareholders
Genting is also spending us$ 1.3 billion to take over a video lottery project in New York which it bid for using subsidiary Genting New York. Genting Malaysia has been trying to reduce dependence on its domestic market where gambling is frowned upon by the predominantly Muslim population.
At the meeting some shareholders raised the issue of dividends, given the company's meteoric rebound to profits of us$ 503.5 million in pre-tax profits in the last quarter. However, Genting Singapore is bound by a bank loan agreement not to dispense dividends until it has fulfilled certain conditions.
Genting Singapore said in a statement yesterday that it is “using cash flow to increase shareholder value through its investments”. “However, the board of directors have not ruled out the possibility of issuing dividends upon fulfilment of certain conditions in the us$ 2.95 billion loan agreement which restricts distribution of dividends from now till year 2011,” the statement said.
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